Why student choice

The Credit Union Student Choice Program was created with one goal in mind - helping you finance a higher education without a higher price tag.

Our private student loan solution:

  • Helps fill the funding gap that exists after lower-cost sources of aid have been exhausted.
  • Offers zero origination fees and lower rates than many other lenders.
  • Allows for fully deferred payment while you're in school (optional).
  • Is structured as a Line-of-Credit (LOC), which you can then use over multiple years. The benefit is that with just one application you can qualify for a LOC that will cover the remainder of your undergraduate career (up to $40,000)*. (Subject to credit qualification and annual credit review.) Each year, you simply determine how much of the eligible LOC amount you'll need - without having to complete an entirely new application!
  • Offers flexible repayment options resulting in lower initial payments after graduation.
  • Gives you the chance to reduce your interest rate by 0.25% during full repayment when you enroll in automatic payment. If your line of credit is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.
  • Establishes a relationship with a financial institution you can trust - as your loan will be granted and held by your not-for-profit credit union.

By choosing your credit union's program over other alternative lenders, you'll enjoy significant cost-savings and consumer-friendly terms. Try our loan comparison calculator to see just how much lower rates and zero fees can save you over the life of the loan.

Learn more below, or view our more detailed Frequently Asked Questions page.

*Subject to qualification and annual credit review.

Who's eligible?
Undergraduate students who are:

  • U.S. citizens or permanent residents (Foreign students are NOT eligible)
  • Continually enrolled in a degree-granting program and meeting the school’s minimum Satisfactory Academic Progress (SAP) criteria. For fall and spring terms, you must be enrolled at least half-time. For summer term, you may be enrolled less than half-time. (Should you drop below half-time in the fall or spring, withdraw during any term, or fail to meet SAP requirements, your funding request can be denied, your line of credit may close, and you may enter repayment.) Before applying, make sure to check that your school is included in our listing of approved schools*.
  • Able to pass a credit check (A co-borrower may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate.)
  • Eligible for credit union membership (You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded.)

*Approved schools are subject to change.

How much can I borrow?
Once approved, students can borrow from $1,000 up to the cost of attendance (which is determined by your school and generally includes: tuition and fees, room and board, books and supplies, and personal and miscellaneous expenses) less any other aid received, as certified by your schools financial aid office. The total amount students can borrow throughout their college career is $40,000 for undergraduate students.

What are the rates and terms?
Click here to see our current rates. You will be quoted your specific rate after you are approved for the loan. Repayment term is 20 years if your loan balance is $40,000 or less, and 25 years if your loan balance is more than $40,000. You may defer payment while in school (until six months after graduation or withdrawal from school).

Note: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.

How are rates determined?
Rates are variable and reset quarterly. They are also dependent on your credit and, if applicable, the credit of your co-borrower.

How quickly are funds disbursed?
Funds will be disbursed directly to the school, at the time the school specifies. The requested funds date varies from school to school. We will verify this date with the school.

How do I apply?
You can quickly and easily apply online. If you have questions, please check out our detailed Frequently Asked Questions page or call our student loan representatives at 866-253-5967.

REMINDER! Before applying for any type of private student loan, make sure you've exhausted all other lower-cost sources of financial aid.

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